115TH CONGRESS 

2D SESSION H. R. 4279 

AN ACT 

To direct the Securities and Exchange Commission to revise 

any rules necessary to enable closed-end companies to 

use the securities offering and proxy rules that are available to other issuers of securities. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 
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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Expanding Investment 

3 Opportunities Act’’. 

4 SEC. 2. PARITY FOR CLOSED-END COMPANIES REGARDING 

5 OFFERING AND PROXY RULES. 

6 (a) REVISION TO RULES.—Not later than the end of 

7 the 180 period beginning on the date of enactment of this 

8 Act, the Securities and Exchange Commission shall pro9 pose and, not later than 1 year after the date of enactment 

10 of this Act, the Securities and Exchange Commission shall 

11 finalize any rules, as appropriate, to allow any closed-end 

12 company, as defined in section 5(a)(2) of the Investment 

13 Company Act of 1940 (15 U.S.C. 80a–5), that is reg14 istered as an investment company under such Act, and 

15 is listed on a national securities exchange or that makes 

16 periodic repurchase offers pursuant to section 270.23c– 

17 3 of title 17, Code of Federal Regulations, to use the secu18 rities offering and proxy rules, subject to conditions the 

19 Commission determines appropriate, that are available to 

20 other issuers that are required to file reports under section 

21 13 or section 15(d) of the Securities Exchange Act of 

22 1934 (15 U.S.C. 78m; 78o(d)). Any action that the Com23 mission takes pursuant to this subsection shall consider 

24 the availability of information to investors, including what 

25 disclosures constitute adequate information to be des26 ignated as a ‘‘well-known seasoned issuer’’. 
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1 (b) TREATMENT IF REVISIONS NOT COMPLETED IN

2 A TIMELY MANNER.—If the Commission fails to complete 

3 the revisions required by subsection (a) by the time re4 quired by such subsection, any registered closed-end com5 pany that is listed on a national securities exchange or 

6 that makes periodic repurchase offers pursuant to section 

7 270.23c–3 of title 17, Code of Federal Regulations, shall 

8 be deemed to be an eligible issuer under the final rule of 

9 the Commission titled ‘‘Securities Offering Reform’’ (70 

10 Fed. Reg. 44722; published August 3, 2005). 

11 (c) RULES OF CONSTRUCTION.— 

12 (1) NO EFFECT ON RULE 482.—Nothing in this 

13 section or the amendments made by this section 

14 shall be construed to impair or limit in any way a 

15 registered closed-end company from using section 

16 230.482 of title 17, Code of Federal Regulations, to 

17 distribute sales material. 

18 (2) REFERENCES.—Any reference in this sec19 tion to a section of title 17, Code of Federal Regula20 tions, or to any form or schedule means such rule, 
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1 section, form, or schedule, or any successor to any 

2 such rule, section, form, or schedule. 

Passed the House of Representatives January 17, 

2018. 

Attest: 

Clerk. 

115TH CONGRESS 

2D SESSION H. R. 4279 

AN ACT 

To direct the Securities and Exchange Commission 

securities. proxy rules that are available to other issuers of companies to use the securities offering and to revise any rules necessary to enable closed-end